U.S. stocks lifted by bank rally as traders bet on smaller rate hike By

By Liz Moyer

-- U.S. stocks were rising after inflation data met expectations,How to open an account for foreign exchange trading? What is the minimum deposit? fueling hopes for a smaller interest rate increase by the Federal Reserve next week.

At 14:13 ET (18:13 GMT), the was up 83 points or 0.3%, while the was up 0.8% and the was up 1.3%.

The Bureau of Labor Statistics reported a 0.4% rise in the in February from the previous month, cooling slightly from January’s reading. On an , inflation rose 6%, also cooling from the prior reading. , which exclude food and fuel, rose 0.5% from the prior month, slightly more than expected.

Most futures traders are expecting a quarter of a point rate hike next week, though 26% of traders are betting on the Fed to pause rate hikes, according to CME’s FedWatch tool. 

Also fueling hopes for a less aggressive Fed: the collapse of Silicon Valley Bank (NASDAQ:) over the weekend, which has rippled through bank stocks on fears of a wider contagion. Regulators have stepped in to backstop depositors of SVB and (NASDAQ:), which also shut down.

Shares of large regional banks sank on Monday but were rebounding on Tuesday. KeyCorp (NYSE:) was up 10%. (NYSE:) was up 3%, while (NASDAQ:) was up 38%. (NYSE:) was up 29%.

Stocks gave back some of their intraday gains after reports a Russian fighter jet struck the propeller of an American surveillance drone over the Black Sea, causing U.S. forces to down the drone in international waters.

Meta Platforms Inc (NASDAQ:) is cutting another 10,000 workers, incurring charges of as much as $5 billion, and warned about the possibility of economic uncertainty sticking around. Shares rose 5.8%.

Shares of AMC Entertainment Holdings Inc (NYSE:) sank 19% after shareholders of the largest movie theater chain voted to approve a reverse stock split and the conversion of APE equity units into common shares. The matter is also before a Delaware Chancery Court judge.

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!